To support the growth and development of small businesses in India, Google India has disclosed a new initiative to provide small loans, recognising the essential need for such financial assistance among small-scale enterprises in the country.
Understanding the financial requirements of small businesses, Google India has initiated this move, marking a significant expansion into this sector. Under this programme, Google India has announced that small loans, amounting up to Rs 15,000, will be extended to qualifying small businesses. The repayment structure is designed to ensure accessibility, with borrowers expected to repay an amount below Rs. 111.
Google India has entered into a partnership with leading financial services provider DMI Finance to facilitate the provision of these much-needed lending services. The collaboration aims to streamline the lending process and extend credit lines via GooglePay to assist merchants in fulfilling their capital requirements. This innovative offering has been developed in collaboration with ePayLater.
Google India has also launched credit lines on the Unified Payments Interface (UPI) in association with ICICI Bank. Additionally, Google India has broadened its financial portfolio by teaming up with Axis Bank to expand personal loan offerings within GooglePay, aiming to cater to the diverse financial needs of users.